Spring Airlines Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	2,317	2,273	2,257	-3,036	39.11
Depreciation & Amortization	2,982	2,729	2,371	2,288	2,161
Other Amortization	101.3	80.05	71.1	55.94	55.1
Loss (Gain) From Sale of Assets	-	1.13	-2.83	-	-2.15
Asset Writedown & Restructuring Costs	14.46	2.44	0.06	0.1	-0.03
Loss (Gain) From Sale of Investments	-0.93	12.47	19.16	-2.99	-3.43
Provision & Write-off of Bad Debts	0.6	2.12	1.23	1.04	2.47
Other Operating Activities	299.49	246.43	278.16	604.11	284.6
Change in Accounts Receivable	-164.9	180.1	151.38	240.58	-20.22
Change in Inventory	-26.42	-153	-27.28	38.61	4.43
Change in Accounts Payable	1,018	345.92	1,319	703.4	-727.81
Operating Cash Flow	6,623	5,895	6,694	438.62	1,684
Operating Cash Flow Growth	12.36%	-11.94%	1426.19%	-73.95%	103.88%
Capital Expenditures	-6,332	-7,214	-3,205	-4,573	-6,201
Sale of Property, Plant & Equipment	0.18	0.75	2.22	1.01	10.83
Investment in Securities	284.6	-2,918	120.78	-122	-1.94
Other Investing Activities	1,192	238.01	334.04	150.06	229.14
Investing Cash Flow	-4,855	-9,893	-2,748	-4,544	-5,963
Long-Term Debt Issued	6,014	6,609	8,849	11,452	10,385
Long-Term Debt Repaid	-6,033	-9,123	-11,950	-8,230	-9,876
Net Debt Issued (Repaid)	-18.49	-2,514	-3,100	3,222	508.87
Issuance of Common Stock	29.34	30.07	31.05	3,000	-
Repurchase of Common Stock	-472.95	-66.9	-33.12	-100.01	-
Common Dividends Paid	-1,646	-1,166	-553.1	-570.9	-478.46
Other Financing Activities	30.39	3,368	944.11	1,355	2,289
Financing Cash Flow	-2,078	-349.12	-2,712	6,906	2,320
Foreign Exchange Rate Adjustments	-38.21	37.52	52.82	254.78	-51.53
Net Cash Flow	-347.96	-4,309	1,287	3,055	-2,011
Free Cash Flow	291.61	-1,319	3,489	-4,134	-4,517
Free Cash Flow Margin	1.36%	-6.59%	19.45%	-49.40%	-41.60%
Free Cash Flow Per Share	0.30	-1.35	3.57	-4.49	-4.62
Cash Income Tax Paid	2,743	2,810	2,063	869.25	1,824
Levered Free Cash Flow	-265.95	-2,729	2,070	-3,880	-7,532
Unlevered Free Cash Flow	37.71	-2,395	2,473	-3,465	-7,186
Change in Working Capital	908.95	548.56	1,699	527.91	-852.7

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.